Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $63,794
- Funds due
- $73,609
- Interest + MI left
- $119,810
- First ends
- May 2051
Assumption
Assumption + second
$1,861/mo
+$274/mo- Down payment
- $29,794
- Funds due
- $40,934
- Interest + MI left
- $184,296
- First ends
- May 2051
New loan
New conventional
$2,156/mo
+$569/mo- Down payment
- $29,794
- Funds due
- $37,820
- Interest + MI left
- $386,313
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,206 | $230,206 | $264,206 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,086.69 | $1,086.69 | $1,789.82 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $187.09 | $187.09 | $52.84 |
| Taxes, insurance & HOA | $313.58 | $313.58 | $313.58 |
| Total housing payment | $1,587.36 | $1,860.93 | $2,156.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,794
Closing costs & prepaids$11,141
Usable credit−$0
Total buyer cash needed$40,934
Earnest money paid−$0
Remaining funds due$40,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,940.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$352.75
Initial HOA (3 months)$138.00
Prepaid interest, first (9 days)$159.50
Prepaid interest, second (9 days)$75.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 5 moOf the original 30-year loan at 2.81%
Interest already paid$38,888Through Dec 2026
Assumption only · ends May 2051$119,810
Assumption + second · ends May 2051, second Jan 2057$184,296
New conventional · ends Jan 2057$386,313